Passing the hat around this way

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It was the question Antony Jenkins did not answer that is most troubling about
the monster rights issue Barclays unveiled yesterday. Buried in the results
statement was an admission that the Financial Conduct Authority plans
enforcement action against the bank for the way in which it last raised
capital, in June and November 2008.

This may lead to finance director Chris Lucas, the man presiding over this
latest fundraising, being fined.

Mr Jenkins could not comment, citing legal discussions, but the page of the
rights issue prospectus dealing with this thorny question will be the one to
which Barclays investors